Allen Iverson - Sad Example

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Former NBA star Allen Iverson is digging himself into a giant financial hole -- with monthly bills that largely outweigh his monthly income -- but the good news is ... he's still got his fancy-schmancy Maybach.

Allen recently filed docs in GA court as part of his nasty divorce battle with his ex Tawanna Iverson which outline his dire financial situation.

According to docs, Allen brings in $62,500 in monthly income, but his expenses are FAR, FAR, greater ... costing him a cool $358,376.66 PER MONTH!!!!

So where does all his money go?

A large chunk -- $125,749.33 to be exact -- is spent paying off various creditors (like his jeweler) ... and some goes to his mortgages (but not for long, since his ATL crib is about to be auctioned off).

But Allen says he blows a lot on OTHER expenses too ... like $10,000/month on clothes, $10,000/month on grocery/house items, $1,000/month on dry cleaning, $5,000/month on entertainment, $5,000/month on restaurants ... and so on.

All in all, Iverson -- who reportedly made over $150 MILLION during his NBA career -- says he ends up in the hole each month to tune of $295,876.66. Ouch.

Despite the mounting debt though, he's still got his Maybach (which is fully paid off) ... and reportedly worth between $340k - $400k.

Read more: http://www.tmz.com/2012/12/04/allen-iverson-divorce-financial-docs-debt-bills-maybach/#ixzz2E6KI8R2V
 
it's crazy to think how much money some of the athletes go through in a not so long time frame. But at least he has his Maybach.
 
So, physical talent does not equal financial smarts. Who would have thunk? Hahaha

Living large with no plans to stop, gotta love it!
 
Sad. But I can't say I feel bad for him.
 
It's pathetic and not really sad. If you are that irresponsible you deserve whatever you get. I would kill for what that guy had.
 
Wow.... That's ridiculous... I say those guys get what they deserve. He was a dirt bag anyway. "We talkin bout practice??"
 
Pro athlete unions need to save the players from themselves. they need to force a % of their income into annuities. its pathetic. At least one could say he is doing his share to stimulate the economy...
 
I don't feel a bit sad for him. Others learn from their mistakes financially and I feel for them, mostly. He, apparently, hasn't. He has skated through life by playing the gifted athlete card. From high school through the pros.
 
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I did like those AI shoes back in the day. Should ebay a pair.
 
I dont think we need to bash the guy. Sure...he lives above his means. Thats what happens when you give an 18 year old with no education millions of dollars.

This is sad really.
 
I really never understand how these things happen, the dude made over 150 million and now is in debt??????????

That's crazy town!!

Give me 2% of that amount and I will live comfortably and never work again a day in my life.

I don't feel sorry for him at all
 
I dont think we need to bash the guy. Sure...he lives above his means. Thats what happens when you give an 18 year old with no education millions of dollars.

This is sad really.
It happens a lot... Common sense can go along way...
 
I dont think we need to bash the guy. Sure...he lives above his means. Thats what happens when you give an 18 year old with no education millions of dollars.

This is sad really.

He has a Georgetown education.
 
I dont think we need to bash the guy. Sure...he lives above his means. Thats what happens when you give an 18 year old with no education millions of dollars.

This is sad really.
I agree 110% with Jarret
He has a Georgetown education.

He has a piece of paper that says he spent time at Georgetown. Just because he attended school there doesnt mean he obtained an education while there.
 
Former NBA star Allen Iverson is digging himself into a giant financial hole -- with monthly bills that largely outweigh his monthly income -- but the good news is ... he's still got his fancy-schmancy Maybach.

Allen recently filed docs in GA court as part of his nasty divorce battle with his ex Tawanna Iverson which outline his dire financial situation.

According to docs, Allen brings in $62,500 in monthly income, but his expenses are FAR, FAR, greater ... costing him a cool $358,376.66 PER MONTH!!!!

So where does all his money go?

A large chunk -- $125,749.33 to be exact -- is spent paying off various creditors (like his jeweler) ... and some goes to his mortgages (but not for long, since his ATL crib is about to be auctioned off).

But Allen says he blows a lot on OTHER expenses too ... like $10,000/month on clothes, $10,000/month on grocery/house items, $1,000/month on dry cleaning, $5,000/month on entertainment, $5,000/month on restaurants ... and so on.

All in all, Iverson -- who reportedly made over $150 MILLION during his NBA career -- says he ends up in the hole each month to tune of $295,876.66. Ouch.

Despite the mounting debt though, he's still got his Maybach (which is fully paid off) ... and reportedly worth between $340k - $400k.

Read more: http://www.tmz.com/2012/12/04/allen-iverson-divorce-financial-docs-debt-bills-maybach/#ixzz2E6KI8R2V


Unreal. How stupid could a person really be?
 
He left after his sophmore year.

lol 1/2 georgetown education. Should be better than nothing right?

I agree it's sad. Like I said it's just crazy to hear stories like this and unfortunately you hear them far too often.
 
He left after his sophmore year.

I would hope that anyone with 14 years of formal education would be smart enough to know how to live within their means..

Is he too stupid to figure it out, or does he just live above his means because he doesn't care?

I personally give him enough credit to think that he knows exactly what he's doing.
 
I bet he was living the dream for awhile....
 
Oh AI. I can't say I didn't see this coming. I used to love AI when he was awesome in the NBA.
 
150 million!? my family would be set for life for decades!
 
Its not much different than the average American getting into loads of debt themselves. There are plenty of stories of 'normal' Americans buying too much house or toys and having thousands and thousands of debt. The numbers are just different for AI, but the proportion of total debt : total income isnt that different.
 
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